EghtesadOnline: Iran’s insurance industry has so far paid out about 1.1 trillion rials ($24.55 million) in claims resulting from the 7.2 magnitude earthquake that shook the western province of Kermanshah and killed more than 500 people several months ago, the head of the Central Insurance of Iran said.

“Based on the latest estimates, the commitments of insurance companies in paying damages caused by the earthquake have crossed the threshold of 2 trillion rials ($44.65 million),” Abdolnasser Hemmati was also quoted as saying by the official news portal of CII. He said the remaining sum includes coverage offered to banks, companies and other organizations that will be reimbursed in the foreseeable future. According to Hemmati, more than 50% of all such commitments belong to Alborz Insurance Company, some of which will be cleared through reinsurance, according to Financial Tribune.